2024 EDITIONGLOBAL 100 | LEGAL | 2024 EDITIONLEGALGLOBAL–TALENT CONSULTING
UNDERSTANDING THE MARKETTALENT CONSULTING–In today's dynamic and competitive business landscape, organisations face a myriad of challenges in attracting, retaining, and developing top talent. Wilkinson Partners ‘Talent Consulting’ has emerged as a strategic solution to address these complex workforce needs.TOM WILKINSONManaging Partner
INTRODUCTIONMeet Wilkinson Partners ........................................................................................... 02Foreword ...................................................................................................................................................... 03GLOBALGlobal Overview ......................................................................................................................... 04Global Survey Analysis ................................................................................................ 08REGIONSNorth America Overview .............................................................................................. 16 ................................................................................................... 26UK Overview ........................................................................................................................................ 28 ............................................................................................................................................... 38EMEA Overview ............................................................................................................................ 40 .................................................................................................................................... 50 ......................................................................................................... 52 ................................................................................................................. 62CLOSINGOur Publications ............................................................................................................................ 63Getting Mergers Right ....................................................................................................... 64Navigating New Leadership ................................................................................. 66CONTENTS
MEET THEPARTNER TEAMWHO WE ARETOM WILKINSONHiring the right leaders can be a daunting task, one that requires a deep understanding of the skills and experience needed to achieve both short and long-term goals. At the same time, it’s crucial to attract, retain, and develop future leaders while managing day-to-day operations. That’s why our clients trust our Partner team for their most important hires. Our expertise and research is what truly sets us apart. We have analysed 1,300 Partner moves and offer unparalleled insight and a global understanding of the Partner market. Our unique data-driven approach, combined with an extensive moves, and strategic hires, worldwide. We take pride in our ability to deliver results that exceed our clients’ expectations and we help to hire the best leaders to complement teams and advance their we would love to hear from you.A recruitment partner whose interests are aligned with ours and who genuinely wants to see our fi rm succeed expert support and intelligent advice underpinned by market-leading data. For over a decade, we’ve built our business by pursuing excellence across three market verticals: professional services, alternative investments and portfolio companies. Relationships lie at the heart of everything we do, so we take the time to understand clients’ businesses, teams, culture and aspirations, and candidates’ careers and ambitions for the future. Armed with this knowledge, we shape careers and grow businesses.JAMES CHANNERWILL COLLINSGEORGE R E I LLYFor more information please visit wilkinsonpartners.comEmailinfo@wilkinsonpartners.comTelephone+44 (0) 20 3369 1000VIVIENNE MACHADO02Global 100 Legal 2024
FOREWORDWelcome to the third annual legal edition of our Global 100 report, bursting with invaluable data insights into the legal market. This is the most high-denition snapshot of 2023’s professional landscape you’ll nd anywhere – a richly detailed analysis of the most prominent lateral moves of 100 Partners worldwidegood lawyer relies on solid evidence, gathered with meticulous care. So do we. The original impetus behind our Global 100 reports was the idea that collecting our own data would offer a more comprehensive, informed view of the market. This turned out not only to be correct, but actively empowering for our clients.Wilkinson Partners enjoyed a landmark year in 2023. One of the many highlights was working as a strategic partner to their growth plans. Working beyond recruitment mandates is part of our DNA and we strongly believe in the principle of reciprocity, that’s why we work closely with Helen Cowan’s company The Tall Wall, which coaches executives on how to achieve their very best. Together in 2023, we helped to demystify the Partner recruitment and assessment process with the webinar Pathway to Partnership.Furthermore we share with you some fantastic insights from Robert Millard who leads Cambridge Strategy Group. Robert recently completed a PhD thesis, analysing drivers of globally, providing framework for successful outcomes. Finally, I’d like to express my gratitude to all those who make the Global 100 what it is, from our internal Talent Consulting team and those who are involved in the production of the publication, those who provide valuable content, to the Partners that are included and take the time to respond to our surveys helping us to bring our report to life. Gabrielle ShakeshaftPartner03www.wilkinsonpartners.com
IntellectualPropertyInvestmentFundsLeveraged &AcquisitionFinanceLitigation &InternationalArbitrationM&APrivate EquityProject FinanceRestructuringOther5%10%20%4%22%9%6%4%20%%SPECIALISMMETHODOLOGYGLOBAL OVERVIEW20%OTHER: All 3% or lessAntitrust & Competition 1%Capital Markets 1%Commercial Litigation 1%Construction 1%Corporate Finance 2%ESG 2%Financial Services Regulatory 2%Funds Finance 2%International Arbitration 1%Investigations 1%Projects 2%Real Estate 1%Structured Finance 1%White Collar Crime 2%OtherTo produce this report, we evaluated both lateral Partner moves and new entries into partnership. We looked at moves Wall Street paying scaleNon-Wall Street paying scaleMagic CircleSilver CircleCity FirmsFirms that adopt the Wall Street paying scale include:Fried Frank, Goodwin, Kirkland & Ellis, Milbank, Cadwalader, Davis Polk, Akin Gump, Latham & Watkins, Paul Hastings, Skadden, and Simpson Thacher.Firms that adopt the Non-Wall Street paying scale include:Dechert, Ropes & Gray, Shearman & Sterling, White & Case, Proskauer, Sidley Austin, Weil Gotshal, and Willkie Farr.Our data shows that M&A has been on a downward trend since 2021, when it sat at 30%. Even so, it remains the number-one specialism at 22%. Leverage & Acquisition Finance, a close second at 20%, has more than doubled from its 9% quotient in 2022. The same is true of Investment Funds, which rose from 4% to 10% in the same period.04Global 100 Legal 2024G100 LEGAL 2024
LOCATION OF HIREUS34%CUP 3%CUP 1%DDOWN 11%CUP 7%UK33%EMEA24%ASIA PACIFIC9%PQE0% 5% 10% 15% 20% 25% 30% 35% 40%6-1011-1516-2021-2526-3030+18%35%28%15%3%1% YEARS QUALIFIED76%24%NoYesMaleFemale69%31%GENDERPROMOTIONAccording to our study, 63% of moves take place when a lateral Partner has 11-20 years of experience. In relation to our they most commonly occur (in 35% of cases) between 11-15 years – a trend also observed in 2021. Moves in the 6-10 year 2022 to 18% in 2023.Nearly a quarter of hires were promoted into partnership. The majority of Partners did not receive promotions As far as gender balance is concerned, just under a third of hires in 2023 were female. This is comparable to 05w ww.wilkinsonpartners.com
10%20%30%40%50%Banking &Financial ServicesDerivativesEnergy &InfrastructureESGFintechHigh YieldInsuranceInvestment FundsPatentsPrivate CreditPrivate EquityPrivate FundsReal EstateSecondariesTMTSector AgnosticGlobalUKUSEMEAAsia PacificGlobal UK US EMEA Asia Pacific10%20%30%40%50%Banking &Financial ServicesDerivativesEnergy &InfrastructureESGFintechHigh YieldInsuranceInvestment FundsPatentsPrivate CreditPrivate EquityPrivate FundsReal EstateSecondariesTMTSector Agnostic2%1%21%1% 1% 1%2%1% 1% 1%31%3%1%2%5%26%UKUSEMEAAsia PacificGlobalUK US EMEA Asia Pacific GlobalMARKET FOCUSGLOBALPRIVATE EQUITY31%10%20%30%40%50%Antitrust &CompetitionBanking &FinanceCorporateDisputeResolutionFinancialServicesIntellectualPropertyReal Estate137451212 2Global UK US EMEA Asia PacificPRACTICE AREASGLOBALCORPORATE PRACTICE AREA45%GLOBAL SECTOR FOCUS(GLOBAL VS REGIONS)GLOBAL PRACTICE AREA(GLOBAL VS REGIONS)GLOBAL OVERVIEWAt 31%, the most common focus among Partners is Private Equity. A Sector Agnostic position ranks second on the list of preferences at 26%. The two have swapped positions since our last report, when they stood at 15% and 52%, respectively. The number of Partners regions. In the UK, EMEA and the US respectively, the popularity of Private Equity equates to 28%, 29% and 40%. In 2022, 42% of Partners who moved were Corporate lawyers, making it the most prominent practice area. It retains its top position in this year’s report with a marginal increase to 45% in 2023. A total of 37% practise Banking and Finance – that’s 06Global 100 Legal 2024G100 LEGAL 2024
OTHER: All 3% or less Firm classicationCity to City 1%City to Magic Circle 1%City to Non Wall St 1%City to Wall St 3%International to Wall St 2%Magic Circle to City 2%Magic Circle to Non Wall St 2%Magic Circle to Wall Street 3%Non Wall St to City 1%Non Wall St to Silver Circle 1%Wall St to City 2%Wall St to International 1%Wall St to Magic Circle 2%TYPE OF MOVENon-Wall Street DechertGreenberg TraurigMorgan LewisKing & SpaldingProskauerRopes & GrayShearman & SterlingSidley AustinWeil Gotshal & MangesWhite & CaseWillkie FarrWall Street Akin GumpCadwaladerDavis PolkFried FrankGoodwin ProctorKirkland & EllisLatham & WatkinsMilbankPaul HastingsSkaddenSimpson ThacherWall StreetWall Street4%6%Non-Wall StreetNon-Wall StreetMagic CircleSilverCircle4%4%5%32%23%9%, more than twice the previous year’s 4%.07w ww.wilkinsonpartners.com
20%40%60%80%100%PromotionCareer progression &developmentIncrease inremunerationWork-life-balanceImproved firm platformImproved client baseImproved firm cultureSetting up/developingPractice areaStrategic vision of theLeadershipFemaleMaleOverallFemale Male Overall■Overall■■MaleFemaleHas an executive coach supported you through the transition into your new role?EXECUTIVE COACH?13% 87%Ye s NoREASON LEAVING56%44%NoYesHELD TO CONTRACTUAL NOTICE PERIODACTIVELY SEEKING A NEW ROLE?HOW DID YOUR MOVE OCCUR?We offered survey respondents the opportunity to select more than one reason Direct Approach by the FirmRecruitment AgencyReferral27%64%9%DirectApproach bythe FirmSearch Firm/RecruitmentAgency33%67%44%56%YesNoGLOBAL SURVEY ANALYSISMOTIVATION TO MOVEMETHODOLOGYmotivations for each move, allowing us to spot trends across age, gender, and geography. 08Global 100 Legal 2024G100 LEGAL 2024
COMPENSATIONRANGEAVERAGE COMPENSATIONBY AGE40-42YEARS43-46YEARS$2m $1.5MBY EXPERIENCE9-15 Years$315,27316-19 Years$2,050,00020+ Years$1,060,230BY LO CATI O NAll monetary values shown throughout this publication have been converted into USD. All salary data we have collected is only relevant to those who chose to disclose this information.$2,557,022$3,500,000HIGHEST$5,000,000AVER AGE $1,550,692LOWEST$323,357AVERAGE FEMALE$1.5MAVERAGE MALE$2 , 5 5 7, 0 2 2AVERAGE MALE$2 , 5 5 7, 0 2 2HIGHEST$5MEMEA$458KUK$1.9MUS$3.5MASIA PACIFIC$625KAVER AGEINCREASE25%09w ww.wilkinsonpartners.com
GENDERRETENTION RATE100% 50% 0% 50% 100%Attrition No Attrition100% 50% 0% 50% 100%20212022202397%96%100%3%4%100%20212022100%97%96%100%3%4%YEAR-ON-YEAR GLOBAL ANALYSIS20222021 202365%35%69%31%74%26%Male Male MaleFemale Female FemaleWhile the Private Equity sector and the choice to be Sector Agnostic have waxed and waned, both remain highly popular among Partners. M&A is down but by no means out as a specialism. Compared to 2021, hires are sharply down in the UK have never seen before.10Global 100 Legal 2024G100 LEGAL 2024
6 - 10Years11 - 15Years16 - 20Years21 - 25Years26 - 30Years30+ Years18%35%28%15%3%13%29%33%26%7%28%36%27%17%8%4%2021(inner circle)2022(middle circle)2023(outer circle)SECTOR FOCUS10%20%30%40%50%60%Energy & InfrastructureFinancial ServicesHealthcareInfrastructurePrivate EquityPrivate FundsReal EstateTMTTransportation & SpaceSector Agnostic21%0% 0% 0%31%3%1%5%0%26%2021202220232021 2022 20230.5%1%1.5%2%2.5%BankingBanking & Financial ServicesConstructionDerivativesDigital InfrastructureESGFintechHigh YieldIndiaInsolvency & RestructuringInsuranceInvestment FundsLife SciencesPatentsPrivate CreditRetailSecondaries0%2%0%1%0%1% 1% 1%0% 0%2%1%0%1% 1%0%2%2021202220232021 2022 2023MARKET FOCUS■ 2021■2022■2023combine Technology & Life Sciences with Healthcare and name this as Healthcare and TMT with Technology and name this as TMT?PQE11w ww.wilkinsonpartners.com
SPECIALISMYEAR-ON-YEAR GLOBAL ANALYSIS5%10%15%20%25%30%35%Antitrust & CompetitionAsset FinanceAviation FinanceBankingCapital MarketsCommercial LitigationCompetition & AntritrustConstructionCorporate BankingCorporate FinanceCorporate GovernanceEnergy & InfrastructureESGFinancial Services RegulatoryFunds FinanceInternational ArbitrationInvestment FundsInsuranceIntellectual PropertyInvestigationsIslamic FinanceLeveraged & Acquisition FinanceLitigation & International ArbitrationM&APensionsPrivate EquityProjectsProject FinanceReal EstateReal Estate FinanceRestructuringStructured FinanceUS SecuritiesWhite Collar Crime1%0% 0% 0%1% 1%0%1%0%2%0% 0%2% 2% 2%1%10%0%5%1%0%20%4%22%0%9%2%6%1%0%4%1%0%2%2021202220232021 2022 2023SPECIALISM 2023 STYLE■ 2021■2022■202312Global 100 Legal 2024G100 LEGAL 2024
10%20%30%40%Australian Firm to Magic CircleAustralian to OffshoreBig 4 to Non Wall StreetCity Firm to City FirmCity Firm to Magic CircleCity Firm to Non Wall StreetCity Firm to Silver CircleCity Firm to Wall StreetIn-House to Non Wall StreetIn-House to Wall StreetInternational to Wall StreetMagic Circle to City FirmMagic Circle to Magic CircleMagic Circle to Non-Wall StreetMagic Circle to Silver CircleMagic Circle to Wall StreetNon Wall Street to Big 4Non Wall Street to City FirmNon Wall Street to Magic CircleNon Wall Street to Non-Wall StreetNon Wall Street to OffshoreNon Wall Street to Silver CircleNon-Wall Street to Wall StreetOffshore to City FirmOffshore to Non Wall StreetSilver Circle to Magic CircleSilver Circle to Non Wall StreetSilver Circle to OffshoreSilver Circle to Wall StreetWall Street to City FirmWall Street to InternationalWall Street to Magic CircleWall Street to Non-Wall StreetWall Street to Wall Street24312 28192411151 1 1 14519131 14262 21 1 17416 6161101 1 12 2326101 1 132 2 23146123452124322021 2022 2023 ■■ 2021■20222023 TYPE OF MOVE13w ww.wilkinsonpartners.com
10%20%30%40%50%60%Antitrust & CompetitionBanking & FinanceCompetition & AntitrustCorporateCorporate FinanceDispute ResolutionFinancial ServicesFinancial Services RegulationInsuranceIntellectual PropertyPensionsProjectsPublic CompaniesReal EstateRestructuringWhite Collar Crime40561 1 1 1195429181 1 12 2137451212 22021 2022 2023PRACTICE AREAS OVERALL YOYPRACTICE AREAYEAR-ON-YEAR GLOBAL ANALYSIS14Global 100 Legal 2024G100 LEGAL 2024
LOCATION OF HIRE202126%USUK202231%202334%202155%202232%202333%202110%202220%20239%ASIA PACIFIC20219%202217%202324%EMEA68%32%NoYes82%18%NoYes76%24%NoYesPROMOTION20212022 202315w ww.wilkinsonpartners.com
USOVERVIEW16Global 100 Legal 2023G100 LEGAL 2024
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IntellectualPropertyInvestmentFundsLeveraged &AcquisitionFinanceLitigation &InternationalArbitrationM&APrivateEquityRestructuringOther9%9%18%9%25%6%6%18%%COMMENTARYSPECIALISMOTHER: All 3% or less Antitrust & Competition 3%Corporate Finance 3%ESG 3%Financial Services Regulatory 3%Funds Finance 3%White Collar Crime 3%OtherUSOVERVIEWIn studying 2023’s data from the US, it is apparent that the most prominent specialism among Partners is M&A, as it was in the previous two years. That said, it has dropped from 45% to 25% since 2021.In the space of a year, Private Equity has dropped considerably, from 17% to 6%. This coincides with Restructuring’s doubling to 6% and Intellectual Property growing to 9% from zero.the uptick was from 3% to 18%.2022 to 24% the next year. Nonetheless, it came second to EMEA (33%) in global terms.The US has made impressive strides when it comes to gender diversity. For the past two years, the percentage of female partners has been in the mid-to-high 30s – a great improvement on the 25% gender balance recorded in 2021.18%18Global 100 Legal 2024G100 LEGAL 2024
UK EMEA ASIA PACIFICUSNEW YORK61%CHICAGO3%HOUSTON12%WASHINGTON DC12%SAN DIEGO3%LOS ANGELES9%LOCATION OF HIREPQE0% 10% 20% 30% 40%6 - 1011 - 1516 - 2021 - 2526 - 3030+26%36%29%3%3%3%YEARS QUALIFIED76%24%NoYesMaleFemale65%35%GENDERPROMOTIONLOCATION OF HIRE19w ww.wilkinsonpartners.com
10%20%30%40%Antitrust &CompetitionBanking &FinanceCorporateDisputeResolutionIntellectualProperty3%32%44%18%3%PRACTICE AREAS USCORPORATE44%10%20%30%40%50%Banking &Financial ServicesEnergy &InfrastructureFintechInsurancePrivate EquityTMTSector Agnostic6%12%3%6%40%9%24%SECTORFOCUS USPRIVATE EQUITY4 0%PRACTICE AREAUSOVERVIEWSECTOR FOCUSPrivate Equity is the predominant specialism among US Partners. It is the focus of 40% of them, compared with 29% in 2022. Those with a Sector Agnostic focus take up 24%, a steep fall from the 45% seen in 2022. In third place at 12% is Energy & Infrastructure, barely any different from the 10% it achieved a year earlier. Corporate law’s status as the leading practice area for the US comes as no surprise, given that this is the case in every region. Its share of the pie has, however, dropped from 73% to 44% in the two years since 2021. Banking and Finance has increased markedly to 32%, a yearly rise of 13%. Also prominent is Dispute Resolution, barely changed on 18% from the previous year.20Global 100 Legal 2024G100 LEGAL 2024
UK EMEA ASIA PACIFICUSTYPE OF MOVENon-Wall StreetWall StreetWall Street64%21%OTHER: All 3% or less City to Wall St 3%International to Wall St 3%Magic Circle to Non Wall St 3%Non Wall St to Non Wall St 3%Wall St to Non Wall St 3%Firm classicationNon-Wall Street DechertGreenberg TraurigMorgan LewisKing & SpaldingProskauerRopes & GrayShearman & SterlingSidley AustinWeil Gotshal & MangesWhite & CaseWillkie FarrWall Street Akin GumpCadwaladerDavis PolkFried FrankGoodwin ProctorKirkland & EllisLatham & WatkinsMilbankPaul HastingsSkaddenSimpson ThacherSeven types of move were seen in the US in 2023, down from nine the previous year. Nearly two-thirds (64%) were 21w ww.wilkinsonpartners.com
RETENTION RATE100% 50% 0% 50% 100%202120222023100%100%97%100%0%3%100% 50% 0% 50% 100%Attrition No Attrition20212022100%100%97%100%0%3%20222021 202361%39%65%35%77%23%Male Male MaleFemale Female FemaleGENDERYEAR-ON-YEAR US ANALYSISAs sectors stand, Private Equity is plainly in vogue, while the fashion for being Sector Agnostic has waxed and waned. The demand for longstanding experience when hiring lateral Partners seems to be diminishing as hires in the 6-10 and 11-15 22Global 100 Legal 2024G100 LEGAL 2024
UK EMEA ASIA PACIFICUSSECTOR FOCUSMARKET FOCUS10%20%30%40%50%BankingBanking & Financial ServicesEnergy & InfrastructureFintechHealthcareInsuranceLife SciencesPrivate EquityReal EstateTMTSector Agnostic0%6%12%3%0%6%0%40%0%9%24%2021202220232021 2022 2023■ 2021■2022■20232023PRIVAT EEQUITY4 0%PQE2021(inner circle)2022(middle circle)2023(outer circle)6 - 1011 - 1516 - 2021 - 2526 - 3030+26%36%29%3%3%3%3%19%33%29%10%6%15%33%28%8%12%4%23w ww.wilkinsonpartners.com
SPECIALISMYEAR-ON-YEAR US ANALYSIS10%20%30%40%50%Antitrust & CompetitionCapital MarketsCompetition & AntritrustCorporate FinanceESGFinancial Services RegulatoryFunds FinanceInvestment FundsIntellectual PropertyLeveraged & Acquisition FinanceLitigation & International ArbitrationM&APrivate EquityRestructuringStructured FinanceUS SecuritiesWhite Collar Crime3%0% 0%3% 3% 3% 3%9% 9%18%9%25%6% 6%0% 0%3%2021202220232021 2022 2023SPECIALISM US 2023 STYLE24Global 100 Legal 2024G100 LEGAL 2024
UK EMEA ASIA PACIFICUSPROMOTIONPRACTICE AREA58%42%2021202210%20%30%40%50%60%City Firm to Non Wall StreetCity Firm to Wall StreetIn-House to Non Wall StreetInternational to Wall StreetMagic Circle to Non-Wall StreetMagic Circle to Wall StreetNon Wall Street to City FirmNon Wall Street to Magic CircleNon Wall Street to Non-WallStreetNon-Wall Street to Wall StreetWall Street to Magic CircleWall Street to Non-Wall StreetWall Street to Wall Street84 4818427 276363 3232713163 3 3 321364 ■ 2021■2022■2023 TYPE OF MOVEPRACTICE AREA US YOY0%20%40%60%80%100%Antitrust & CompetitionBanking & FinanceCompetition & AntitrustCorporateCorporate FinanceDispute ResolutionIntellectual PropertyPublic Companies20212022202376%24%202390%10%YesYesYesNoNoNo25w ww.wilkinsonpartners.com
US PROFILESPRE V I O US EMPLOYERSPECIALISM LOCATIONADAM SHAPIRO Kirkland & Ellis PARTNERSimpson Thacher & Bartlett Leveraged & Acquisition Finance New YorkALISA MELEKHINA Kirkland & Ellis PARTNERDebevoise & PlimptonLitigation & International ArbitrationNew YorkAMANDA ALLEXON Simpson Thacher & Bartlett PARTNERWachtell, Lipton, Rosen & Katz Financial Services Regulatory Washington D.C.AMBER BANKS Latham & Watkins PARTNERFried Frank Private Equity New YorkANDREW ELKEN Latham & Watkins PARTNERCravath, Swaine & Moore M&A New YorkARIEL GIUMARELLI Kirkland & Ellis PARTNERPaul Hastings ESG Washington D.C.BEN STEADMAN Paul, Weiss, Rifkind, Wharton & Garrison PARTNERKirkland & Ellis Leveraged & Acquisition Finance New YorkBRIAN MANGINO Latham & Watkins PARTNERFried Frank M&A Washington D.C.CAMMIE TEO Kirkland & Ellis PARTNERSidley Austin M&A New YorkCHAD NICHOLS Gibson, Dunn & Crutcher PARTNERAkin Gump Strauss Hauer & FeldRestructuring HoustonCHAD VANCE Paul Hastings PARTNERSidley Austin M&A ChicagoCINDY LOVERING Sidley Austin PARTNERCooley Fund Finance San DiegoCODY CARPER Weil Gotshal & Manges PARTNERSkadden, Arps, Slate, Meagher & FlomPrivate Equity HoustonDAVID BOTTER Cleary Gottlieb Steen & Hamilton PARTNERAkin Gump Strauss Hauer & FeldRestructuring New YorkDAVID TEH Simpson Thacher & Bartlett PA RT NER & CO-HE AD, ALTERNATIVE CAPITAL & PRIVATE CREDITLatham & Watkins Leveraged & Acquisition Finance New YorkDEREK WINOKUR Milbank PARTNERDechert M&A New YorkIAN NUSSBAUM Latham & Watkins PARTNERCooley M&A New York26Global 100 Legal 2024G100 LEGAL 2024
UK EMEA ASIA PACIFICUSPRE V I O US EMPLOYERSPECIALISM LOCATIONJENNIFER MCWHAW Kirkland & Ellis PARTNERPaul, Weiss, Rifkind, Wharton & GarrisonCorporate Finance New YorkJESSICA COHEN Latham & Watkins PARTNERSimpson Thacher & Bartlett Intellectual Property New YorkJOHN SENIOR Kirkland & Ellis PARTNERGibson, Dunn & Crutcher Investment Funds New YorkKEVIN BETTSTELLER Gibson, Dunn & Crutcher PARTNERDLA Piper Investment Funds Los AngelesKRISHNA SKANDAKUMAR Goodwin Procter PARTNERAkin Gump Strauss Hauer & FeldInvestment Funds New YorkMANUEL CACHAN Skadden, Arps, Slate, Meagher & Flom PARTNERProskauer RoseLitigation & International ArbitrationLos AngelesMARISA GEIGER Simpson Thacher & Bartlett PARTNERPaul, Weiss, Rifkind, Wharton & GarrisonIntellectual Property New YorkMATTHEW LEIST Paul, Weiss, Rifkind, Wharton & Garrison PARTNERKirkland & Ellis Leveraged & Acquisition Finance Los AngelesPAUL GENENDER Paul Hastings PA RT NER, CO-CHAIR (HOUSTON OFFICE)Weil, Gotshal & MangesLitigation & International ArbitrationHoustonRAHUL VASHI Gibson, Dunn & Crutcher PA RT NER, CO-CHAIR OIL & GAS PRACTICEKirkland & Ellis M&A HoustonRAJANI GUPTA White & Case PARTNERAllen & Overy Leveraged & Acquisition Finance New YorkRANDALL JACKSON Wachtell, Lipton, Rosen & Katz PARTNERWillkie Farr & Gallagher White Collar Crime New YorkREBEKAH SCHERR Kirkland & Ellis PARTNERPaul, Weiss, Rifkind, Wharton & GarrisonAntitrust & Competition Washington D.C.SANJIV TATA Paul Hastings PARTNERMayer Brown M&A New YorkTHOMAS MALONE Davis Polk PARTNERLatham & Watkins M&A New YorkTHOMAS PEASE Greenberg Traurig PARTNER Intellectual Property New YorkTRACEY ZACCONE Simpson Thacher & Bartlett PARTNERPaul, Weiss, Rifkind, Wharton & GarrisonLeveraged & Acquisition Finance New York27w ww.wilkinsonpartners.com
UKOVERVIEW28Global 100 Legal 2023G100 LEGAL 2024
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UKOVERVIEWIntellectualPropertyInvestmentFundsLeveraged &Acquisition FinanceM&APrivate EquityOther6%15%31%12%15%21%%The specialism practised most widely in the UK is Leveraged & Acquisition Finance at 31%. This is almost double its Investment Funds. Whilst Private Equity was similar to the 13% quotient seen the previous year, Investment Funds has risen 12% compared with 2022’s data.in the US and 32% in EMEA.The UK has a strong reputation with respect to gender balance, with women comprising 33% of Partners, and easily surpasses EMEA’s 25%. OTHER: All 3% or less Commercial Litigation 3%ESG 3%Financial Services Regulatory 3%Funds Finance 3%Investigations 3%Project Finance 3%Structured Finance 3%COMMENTARY21%OtherSPECIALISM30Global 100 Legal 2024G100 LEGAL 2024
UK EMEA ASIA PACIFICUSLOCATION OF HIREPQE0% 5% 10% 15% 20% 25% 30% 35%6 - 1011 - 1516 - 2021 - 2526 - 3012%34%24%27%3%YEARS QUALIFIED82%18%NoYesMaleFemale67%33%GENDERPROMOTIONLOCATION OF HIRELONDON100%31w ww.wilkinsonpartners.com
5%10%15%20%25%30%DerivativesEnergy &InfrastructureESGHigh YieldInvestment FundsPatentsPrivate EquityPrivate FundsSecondariesTMTSector Agnostic3%15%3% 3% 3% 3%28%9%6% 6%21%MARKET FOCUS UKPRIVATE EQUITY28%SECTOR FOCUSUKOVERVIEW10%20%30%40%50%Banking &FinanceCorporateDisputeResolutionFinancialServicesRegulatoryIntellectualProperty44%41%9%3% 3%PRACTICE AREAS UKBANKING & FINANCE44%PRACTICE AREApopular, with 21% of Partners Sector Agnostic, though this has declined from the 70% seen the previous year. The 15% Our data indicates a reduced number of practice areas compared to previous years, though Banking & Finance (at 44%) and The third most common practice area for Partners who moved is Dispute Resolution, accounting for 9% – a fall of 10% on the previous year, while Intellectual Property remains consistent at 3%.32Global 100 Legal 2024G100 LEGAL 2024
UK EMEA ASIA PACIFICUSTYPE OF MOVEOTHER: All 3% or less SilverCircle15%MagicCircle6%Firm classicationNon-Wall Street DechertGreenberg TraurigMorgan LewisKing & SpaldingProskauerRopes & GrayShearman & SterlingSidley AustinWeil Gotshal & MangesWhite & CaseWillkie FarrWall Street Akin GumpCadwaladerDavis PolkFried FrankGoodwin ProctorKirkland & EllisLatham & WatkinsMilbankPaul HastingsSkaddenSimpson ThacherWall Street28%9%Wall StreetNon-Wall StreetNon-Wall Street18%6%City to Wall St 3%Magic Circle to City 3%Non Wall St to Magic Circle 3%Non Wall St to Silver Circle 3%Silver Circle to Non Wall St 3%Wall St to City 3%Numerically, the types of move observed in 2022 and 2023 were similar. Nonetheless, our data throws up several interesting 33w ww.wilkinsonpartners.com
YEAR-ON-YEAR UK ANALYSISGENDERRETENTION RATE100% 50% 0% 50% 100%202120222023100%96%94%100%4%6%100% 50% 0% 50% 100%Attrition No Attrition20212022100%96%94%100%4%6%20222021 202362%38%67%33%75%25%Male Male MaleFemale Female FemaleFollowing a pronounced lull in 2022, Private Equity is the most commonly cited sector focus among Partners who have & Acquisition Finance has spiked dramatically. Promotions to partnership were rare in 2022, and are still approximately more commonplace.34Global 100 Legal 2024G100 LEGAL 2024
UK EMEA ASIA PACIFICUSMARKET FOCUS10%20%30%40%50%60%70%80%BankingDerivativesDigitalInfrastructureEnergy &InfrastructureESGFinancial ServicesHealthcareHigh YieldIndiaInfrastructureInsuranceInvestment FundsPatentsPrivate EquityPrivate FundsReal EstateRetailSecondariesTMTSector Agnostic0%3%0%15%3%0% 0%3%0% 0% 0%3% 3%28%9%0% 0%6% 6%21%2021202220232021 2022 2023■ 2021■2022■20232023PRIVAT EEQUITY28%SECTOR FOCUS6 - 1011 - 1516 - 2021 - 2526 - 3012%34%24%27%3%6%22%41%25%6%6%35%24%20%9%6%2021(inner circle)2022(middle circle)2023(outer circle)30+PQE35w ww.wilkinsonpartners.com
5%10%15%20%25%30%35%BankingCapital MarketsCommercial LitigationCompetition & AntritrustCorporate BankingCorporate GovernanceEnergy & InfrastructureESGFinancial Services RegulatoryFunds FinanceInvestment FundsInsuranceIntellectual PropertyInvestigationsLeveraged & Acquisition FinanceLitigation & International ArbitrationM&APensionsPrivate EquityProjectsProject FinanceReal Estate FinanceRestructuringStructured FinanceWhite Collar Crime0% 0%3%0% 0% 0% 0%3% 3% 3%15%0%6%3%31%0%12%0%15%0%3%0% 0%3%0%2021202220232021 2022 2023SPECIALISMYEAR-ON-YEAR UK ANALYSIS36Global 100 Legal 2024G100 LEGAL 2024
UK EMEA ASIA PACIFICUS 5%10%15%20%25%30%City Firm to Magic CircleCity Firm to Non Wall StreetCity Firm to Silver CircleCity Firm to Wall StreetIn-House to Non Wall StreetIn-House to Wall StreetMagic Circle to City FirmMagic Circle to Magic CircleMagic Circle to Non-Wall StreetMagic Circle to Silver CircleMagic Circle to Wall StreetNon Wall Street to City FirmNon Wall Street to Magic CircleNon Wall Street to Non-WallStreetNon Wall Street to Silver CircleNon-Wall Street to Wall StreetSilver Circle to Magic CircleSilver Circle to Non Wall StreetSilver Circle to Wall StreetWall Street to City FirmWall Street to Magic CircleWall Street to Non-Wall StreetWall Street to Wall Street424 4122747272 2 26221106 63 31396131763 3 393 36393183153628■ 2021■2022■2023PRACTICE AREAS YOY UKUSCORPORATE73%0%20%40%60%80%100%Banking & FinanceCompetition & AntitrustCorporateCorporate FinanceDispute ResolutionFinancial ServicesFinancial Services RegulationInsuranceIntellectual PropertyPensionsProjectsWhite Collar Crime202120222023PROMOTIONPRACTICE AREATYPE OF MOVE67%33%2021202282%18%202394%6%YesYesYesNoNoNo37w ww.wilkinsonpartners.com
UK PROFILESPRE V I O US EMPLOYERSPECIALISM LOCATIONADRIAN GROCOCK Latham & Watkins PARTNERSidley Austin Investment Funds LondonALVARO MEMBRILLERA Kirkland & Ellis PARTNERPaul, Weiss, Rifkind, Wharton & GarrisonM&A LondonANDREAS PHILIPSON Paul, Weiss, Rifkind, Wharton & Garrison PARTNERKirkland & Ellis Private Equity LondonBEN DAVIS Eversheds Sutherland PARTNER AND HEAD OF PRIVATE CREDITProskauer Rose Leveraged & Acquisition Finance LondonCHRIS TAUFATOFUA Vinson & Elkins PARTNERMilbank Project Finance LondonDAN COPPEL Faegre Drinker PARTNERMorrison & Foerster M&A LondonDAVID LANCASTER PARTNERPinsent Masons Intellectual Property LondonEDWARD FORD Simpson Thacher & Bartlett PARTNERTravers Smith Investment Funds LondonELEANOR SHANKS Herbert Smith Freehills PARTNERSidley Austin Private Equity LondonGEMMA ANDERSON PARTNERMorrison Foerster Commercial Litigation LondonGILLES TEERLINCK Weil, Gotshal & Manges PARTNERWhite & Case Leveraged & Acquisition Finance LondonIAN BARRATT Kirkland & Ellis PARTNERSimpson Thacher & Bartlett Leveraged & Acquisition Finance LondonIAN SHAWYER Cleary Gottlieb Steen & Hamilton PARTNERTravers Smith Private Equity LondonJAMES BOSWELL Kirkland & Ellis PARTNERClifford Chance Leveraged & Acquisition Finance LondonJAMES DUNCAN PARTNERShearman & Sterling Structured Finance LondonJAMES MACARTHUR Sidley Austin PARTNER - HEAD OF INFR A STRUCTUREWeil, Gotshal & Manges Private Equity London38Global 100 Legal 2024G100 LEGAL 2024
UK EMEA ASIA PACIFICUSPRE V I O US EMPLOYERSPECIALISM LOCATIONKAISA KUUSK Sidley Austin PARTNERPaul, Weiss, Rifkind, Wharton & GarrisonPrivate Equity LondonKANESH BALASUBRAMANIAM Paul, Weiss, Rifkind, Wharton & Garrison PARTNERKirkland & Ellis Leveraged & Acquisition Finance LondonKATIE MCMENAMIN Simpson Thacher & Bartlett PARTNERTravers Smith Funds Finance LondonKOREY FEVZI Cravath, Swaine & Moore PARTNERShearman & Sterling Leveraged & Acquisition Finance LondonMARK BEARDSWORTH Goodwin Procter PARTNER & HEAD OF EUROPEAN INVES TIGATIONSCadwalader, Wickersham & TaftInvestigations LondonMATEJA MAHER Latham & Watkins PARTNERSidley Austin Investment Funds LondonNATALIE ELLERBY Baker Mckenzie PARTNERLinklaters Intellectual Property LondonNEEL SACHDEV Paul, Weiss, Rifkind, Wharton & Garrison PARTNERKirkland & Ellis Leveraged & Acquisition Finance LondonPHILIP STOPFORD Cravath, Swaine & Moore PARTNERShearman & Sterling Leveraged & Acquisition Finance LondonROGER JOHNSON Paul, Weiss, Rifkind, Wharton & Garrison PARTNER & GLOBAL CO-CHAIRKirkland & Ellis M&A LondonRUTH KNOX Paul Hastings PARTNERKirkland & Ellis ESG LondonSACHA GOFTON-SALMOND Simpson Thacher & Bartlett PARTNERTravers Smith Investment Funds LondonSAM KAY Dechert PARTNERTravers Smith Investment Funds LondonSARA PICKERSGILL Kirkland & Ellis PARTNERAllen & Overy M&A LondonSINEAD O'SHEA Kirkland & Ellis PARTNERSimpson Thacher & Bartlett Leveraged & Acquisition Finance LondonSMRIDHI GULATI Cadwalader, Wickersham & Taft PARTNERDechert LLP Leveraged & Acquisition Finance LondonSTEPHANIE BIGGS Simpson Thacher & Bartlett PARTNERTravers Smith Financial Services Regulatory London39w ww.wilkinsonpartners.com
EMEAOVERVIEW40Global 100 Legal 2023G100 LEGAL 2024
UK EMEA ASIA PACIFICUS41www.wilkinsonpartners.com
EMEAOVERVIEWLeveraged &Acquisition FinanceM&APrivate EquityProjectFinanceRestructuringOther13%34%8%21%8%16%%COMMENTARYSPECIALISMOTHER: All 4% or less Capital Markets 4%Corporate Finance 4%Investment Funds 4%White Collar Crime 4%16%OtherSPECIALISMProject Finance became Europe, the Middle East and Africa’s second-most prominent specialism in 2023, cited by 21% of Partners. This is worth noting, since it has not featured in previous years’ reports. At 34%, M&A remained the leading 13% in the same period, while 8% of movers were involved with Restructuring – another new entry for the EMEA region.Out of the regions assessed, EMEA (with 21%) trails only the US (with 26%) in the proportion of moves taking place at 6-10 Though it’s much less than the 53% recorded in 2022, the share of Partners promoted into partnership in 2023 – totalling 33% – is the highest of all the regions.A quarter of Partners who moved in the region were female, similar to the 22% and 24% documented in 2021 and 2022, respectively. 42Global 100 Legal 2024G100 LEGAL 2024
UK EMEA ASIA PACIFICUSPARISMILANMADRIDMUNICHDUBLINDUBAIABU DHABIRIYADHLOCATION OF HIREPQE0% 5% 10% 15% 20% 25% 30% 35%6 - 1011 - 1516 - 2021 - 2526 - 3021%33%25%17%4%YEARS QUALIFIED67%33%NoYesMaleFemale75%25%GENDERPROMOTIONLOCATION OF HIRESAUDI ARABIA17%SPAIN8%I TA LY8%GERMANY13%FRANCE33%UAE21%PARISMILANMADRIDMUNICHDUBLINDUBAIABU DHABIRIYADH43w ww.wilkinsonpartners.com
10%20%30%40%50%Energy & InfrastructurePrivate EquitySector Agnostic42%29% 29%MARKET FOCUS EMEAENERGY & INFRASTRUCTURE42%PRACTICE AREAS EMEA10%20%30%40%50%60%Banking &FinanceCorporateDisputeResolution42%54%4%SECTOR FOCUSPRACTICE AREAEMEAOVERVIEWAfter a sharp dip to 18% in 2022, Energy & Infrastructure is almost back to its 2021 peak of 45%. Proportionately, Partners with a Sector Agnostic focus (29%) are at the same level as they were in 2022. In terms of popularity, Sector Agnostic ranks in second place alongside Private Equity, which has risen 11% from the previous year.In a repeat of 2022, the practice areas of Partners follow global trends. More than half (54%) are involved in Corporate law. At 42%, the position of Banking & Finance is 30% higher than the previous year, while Dispute Resolution, in third place, has fallen from 18% to 4%. 44Global 100 Legal 2024G100 LEGAL 2024
UK EMEA ASIA PACIFICUSTYPE OF MOVESilverCircleNon-Wall StreetWall StreetMagic Circle9%9%Firm classicationNon-Wall Street DechertGreenberg TraurigMorgan LewisKing & SpaldingProskauerRopes & GrayShearman & SterlingSidley AustinWeil Gotshal & MangesWhite & CaseWillkie FarrWall Street Akin GumpCadwaladerDavis PolkFried FrankGoodwin ProctorKirkland & EllisLatham & WatkinsMilbankPaul HastingsSkaddenSimpson ThacherOTHER: All 4% or less City to Wall St 4%Magic Circle to City 4%Magic Circle to Non Wall St 4%Magic Circle to Wall Street 4%Non Wall St to Magic Circle 4%Non Wall St to Non Wall St 4%Wall St to City 4%Wall St to International 4%Wall St to Non Wall St 4%Wall St to Wall St 4%42%By far the most popular move in EMEA is non-Wall Street to Wall Street, accounting for 42% of movers. This is twice as many as the US (21%) and UK (18%). The region is also atypical with respect to just under one quarter of Partners the US and UK.45w ww.wilkinsonpartners.com
YEAR-ON-YEAR EMEA ANALYSISGENDERRETENTION RATE20222021 202376%24%75%25%78%22%Male Male MaleFemale Female Female100% 50% 0% 50% 100%202120222023100%89%94%100%11%6%100% 50% 0% 50% 100%Attrition No Attrition20212022100%89%94%100%11%6%Compared to its regional counterparts, the retention rate in EMEA has been poor in recent years, notably in 2021. Partners 46Global 100 Legal 2024G100 LEGAL 2024
UK EMEA ASIA PACIFICUS6 - 1011 - 1516 - 2021 - 2526 - 3021%33%25%17%4%6 - 1011%22%45%22%35%41%18%6%2021(inner circle)2022(middle circle)2023(outer circle)PQESECTOR FOCUSMARKET FOCUS10%20%30%40%50%BankingConstructionEnergy & InfrastructureFinancial ServicesHealthcareInsurancePrivate EquityTMTSector Agnostic0% 0%42%0% 0% 0%29%0%29%2021202220232021 2022 2023■ 2021■2022■20232023 ENERGY &INFRASTRUCTURE42%47w ww.wilkinsonpartners.com
10%20%30%40%50%BankingCapital MarketsCompetition & AntritrustCorporate FinanceFinancial Services RegulatoryInvestment FundsIslamic FinanceLeveraged & Acquisition FinanceLitigation & International ArbitrationM&APrivate EquityProject FinanceRestructuringWhite Collar Crime0%4%0%4%0%4%0%13%0%34%8%21%8%4%2021202220232021 2022 2023SPECIALISMYEAR-ON-YEAR EMEA ANALYSIS48Global 100 Legal 2024G100 LEGAL 2024
UK EMEA ASIA PACIFICUSPRACTICE AREAS YOY EMEA0%20%40%60%80%100%Banking & FinanceCompetition & AntitrustCorporateCorporate FinanceDispute Resolution202120222023PROMOTIONPRACTICE AREATYPE OF MOVE89%11%2021202267%33%202353%47%YesYesYesNoNoNo10%20%30%40%50%City to CityCity to Non Wall StreetCity to Wall StreetMagic Circle to CityMagic Circle to Non-Wall StreetMagic Circle to Wall StreetNon Wall Street to Big 4Non Wall Street to CityNon Wall Street to Magic CircleNon Wall Street to Non-WallStreetNon-Wall Street to Wall StreetOffshore to CitySilver Circle to Non Wall StreetWall Street to CityWall Street to InternationalWall Street to Magic CircleWall Street to Non-Wall StreetWall Street to Wall Street2211 11221123236 6 6 6 612 126174 4 4 4 4 44294 494 4■ 2021■2022■202349w ww.wilkinsonpartners.com
EMEA PROFILESPRE V I O US EMPLOYERSPECIALISM LOCATIONANDRAS CSONKA Paul Hastings PARTNERJones Day Investment Funds ParisCHIRAG SANGHRAJKA Clifford Chance PARTNERLatham & Watkins Project Finance DubaiDARKO ADAMOVIC Gibson, Dunn & Crutcher PARTNERLinklaters Project Finance ParisDR. FLORIAN HARDER Morgan, Lewis & Bockius MANAGING PARTNERShearman & Sterling Private Equity MunichDR. JOSEF PARZINGER Allen & Overy PARTNERKirkland & Ellis Restructuring MunichGERALDINE LEZMI Weil, Gotshal & Manges PARTNERAllen & Overy Leveraged & Acquisition Finance ParisHOMAM KHOSHAIM Addleshaw Goddard FOUNDING PARTNER Latham & Watkins Corporate Finance RiyadhIGNACIO PAZ ABOY White & Case PARTNERHerbert Smith Freehills M&A MadridJADE CHU Gibson, Dunn & Crutcher PARTNERShearman & Sterling M&A DubaiJEREMY SCEMAMA Proskauer Rose PARTNERShearman & Sterling M&A ParisLALEH SHAHABI Gibson, Dunn & Crutcher PARTNERShearman & Sterling Project Finance Abu DhabiLUDOVIC MALGRAIN PARTNERWhite & Case White Collar Crime Paris50Global 100 Legal 2024G100 LEGAL 2024
UK EMEA ASIA PACIFICUSPRE V I O US EMPLOYERSPECIALISM LOCATIONLUDWIG ZESCH McDermott Will & Emery PARTNERLatham & Watkins Leveraged & Acquisition Finance MunichMANAL AL-MUSHARAF Kirkland & Ellis PARTNERWhite & Case Capital Markets RiyadhMATTHIEU LAMPEL Proskauer Rose PARTNERShearman & Sterling Private Equity ParisMAUD MANON Proskauer Rose PARTNERShearman & Sterling Leveraged & Acquisition Finance ParisMAURO SACCANI Hogan Lovells PARTNERLatham & Watkins Restructuring MilanMOHSIN IQBAL Kirkland & Ellis PARTNERBaker McKenzie Project Finance RiyadhNOOR AL-FAWZAN Kirkland & Ellis PARTNERLatham & Watkins M&A RiyadhNUNZIO BICCHIERI Norton Rose Fulbright PARTNERAllen & Overy Project Finance MilanPABLO GARCÍA-NIETO NUBIOLA White & Case PARTNERHerbert Smith Freehills M&A MadridRENAD YOUNES Gibson, Dunn & Crutcher PARTNERShearman & Sterling M&A Abu DhabiSAMUEL OGUNLAJA Gibson, Dunn & Crutcher PARTNERShearman & Sterling M&A Abu DhabiXAVIER NORLAIN Proskauer Rose LLP MANAGING PARTNERShearman & Sterling M&A Paris51w ww.wilkinsonpartners.com
ASIA PACIFICOVERVIEW52Global 100 Legal 2023G100 LEGAL 2024
53www.wilkinsonpartners.com
ASIA PACIFIC OVERVIEWConstructionInternationalArbitrationInvestmentFundsLeveraged &Acquisition FinanceLitigation &International ArbitrationM&AProjectsReal Estate11%11%11%11%11%11%23%11%%M&A was more prevalent and accounted for 20% in 2022 and a remarkable 80% the year before that. Also noteworthy is the least balanced ranking in 4th place.the last 3 years.COMMENTARYSPECIALISM54Global 100 Legal 2024G100 LEGAL 2024
UK EMEA ASIA PACIFICUSLOCATION OF HIREPQE0% 10% 20% 30% 40% 50%11 - 1516 - 2021 - 2544%44%12%YEARS QUALIFIED78%22%NoYesGENDERPROMOTIONLOCATION OF HIREMaleFemale78%22%TOKYOSINGAPORE SYDNEYJAPAN22%SINGAPORE67%AUSTRALIA11%TOK YOSINGAPORE SYDNEY55w ww.wilkinsonpartners.com
10%20%30%40%50%Energy &InfrastructurePrivate CreditPrivate EquityReal EstateSector Agnostic22%11% 11% 11%45%MARKET FOCUS ASIA PACSECTOR AGNOSTIC45%10%20%30%40%50%Banking &FinanceCorporateDisputeResolutionReal Estate22%34%22% 22%PRACTICE AREAS ASIA PACcategory. The same cannot be said for second-placed Energy & Infrastructure (22%), which has not previously been recorded in the region. At 11%, Partners specialising in Private Equity has doubled since 2022 (when it was 5%) but effectively halved since 2021 (when it was 20%).As expected, Corporate law remains the most popular practice area for Partners, though at 34%, it has declined from the 80% while Dispute Resolution and Banking & Finance are mainstays of the legal sector.SECTOR FOCUSASIA PACIFIC OVERVIEWPRACTICE AREA56Global 100 Legal 2024G100 LEGAL 2024
UK EMEA ASIA PACIFICUSWall Street Akin GumpCadwaladerDavis PolkFried FrankGoodwin ProctorKirkland & EllisLatham & WatkinsMilbankPaul HastingsSkaddenSimpson ThacherTYPE OF MOVE11%CitySilver CircleNon-Wall StreetNon-Wall StreetMagic Circle11%11%11%23%11%11%Wall StreetInternational11%Firm classicationNon-Wall Street DechertGreenberg TraurigMorgan LewisKing & SpaldingProskauerRopes & GrayShearman & SterlingSidley AustinWeil Gotshal & MangesWhite & CaseWillkie FarrCity57w ww.wilkinsonpartners.com
YEAR-ON-YEAR ASIA PACIFIC ANALYSISRETENTION RATEGENDER20222021 202365%35%78%22%60%40%Male Male MaleFemale Female Female100% 50% 0% 50% 100%202120222023100%100%100%100%0%0%100% 50% 0% 50% 100%Attrition No Attrition20212022100%100%100%100%0%0%As far as gender balance is concerned, female Partners have featured less and less in our three most recent reports. Almost all specialism in the region has been sudden, dramatic and unique, while that of M&A has effectively collapsed. A trend for moving from 58Global 100 Legal 2024G100 LEGAL 2024
UK EMEA ASIA PACIFICUS67%22%11%11 - 1516 - 2021 - 2526 - 3050%15%30%5%11 - 1516 - 2021 - 2544%44%12%2021(inner circle)2022(middle circle)2023(outer circle)26 - 30 SECTOR FOCUSPQEMARKET FOCUS10%20%30%40%50%60%Energy & InfrastructureFinancial ServicesHealthcareInsolvency & RestructuringPrivate CreditPrivate EquityReal EstateTMTTransportation & SpaceSector Agnostic22%0% 0% 0%11% 11% 11%0% 0%45%2021202220232021 2022 2023■ 2021■2022■20232023 SECTORAGNOSTIC45%59w ww.wilkinsonpartners.com
20%40%60%80%100%Asset FinanceAviation FinanceCapital MarketsConstructionCorporate FinanceInternational ArbitrationInvestment FundsLeveraged & Acquisition FinanceLitigation & International ArbitrationM&APrivate EquityProjectsReal EstateRestructuring0% 0% 0%11%0%11% 11% 11% 11% 11%0%23%11%0%2021202220232021 2022 2023YEAR-ON-YEAR ASIA PACIFIC ANALYSISSPECIALISM60Global 100 Legal 2024G100 LEGAL 2024
UK EMEA ASIA PACIFICUSPRACTICE AREAS YOY ASIAUSCORPORATE73%0%20%40%60%80%100%Banking & FinanceCorporateCorporate FinanceDispute ResolutionReal EstateRestructuring202120222023PROMOTIONPRACTICE AREA80%20%2021202278%22%202380%20%YesYesYesNoNoNo5%10%15%20%25%30%Australian Firm to Magic CircleAustralian to OffshoreBig 4 to Non Wall StreetCity Firm to City FirmCity Firm to Magic CircleCity Firm to Non Wall StreetCity Firm to Silver CircleInternational to Wall StreetMagic Circle to City FirmMagic Circle to Magic CircleMagic Circle to Wall StreetNon Wall Street to City FirmNon Wall Street to Magic CircleNon Wall Street to Non-Wall StreetNon Wall Street to OffshoreNon-Wall Street to Wall StreetOffshore to Non Wall StreetSilver Circle to Magic CircleSilver Circle to Non Wall StreetSilver Circle to OffshoreSilver Circle to Wall StreetWall Street to City FirmWall Street to Magic CircleWall Street to Non-Wall StreetWall Street to Wall Street203010 10 10 10 105 5105 5 5105105 5 5 5 5 51011 11 11 11 112311 11■ 2021■2022■2023PRACTICE AREATYPE OF MOVE61w ww.wilkinsonpartners.com
ASIA PACIFIC PROFILESPRE V I O US EMPLOYERSPECIALISM LOCATIONANDREW BATTISSON Linklaters PARTNER & HEAD OF INTERNATIONAL ARBITRATIONNorton Rose Fulbright International Arbitration SingaporeDANIEL REINBOTT Baker Botts PARTNERAshurst Projects SingaporeEMANUEL CONFOS Baker McKenzie PARTNER & HEAD OF CONSTRUCTIONNorton Rose Fulbright Construction SydneyJOAN LIM-CASANOVA K&L Gates PARTNERClifford ChanceLitigation & International ArbitrationSingaporeJON ORNOLFSSON Baker McKenzie PARTNERMorrison & Foerster Projects TokyoMATTHEW NORTCLIFF Goodwin Procter PARTNERCMS Investment Funds SingaporeRAHUL CHATTERJI Linklaters PARTNERShearman & Sterling Leveraged & Acquisition Finance SingaporeSTEVEN TRAN Morrison Foerster PARTNERMayer Brown M&A SingaporeYUKO INO Greenberg Traurig PARTNEROrrick, Herrington & Sutcliffe Real Estate Tokyo62Global 100 Legal 2024G100 LEGAL 2024
UK EMEA ASIA PACIFICUS63www.wilkinsonpartners.com
GETTING MERGERS RIGHTAn analysis of 73 large U.S. and U.K. law rm mergers, 2002-2017How successful are large law fi rm mergers and what factors are consistent with success? Dr Robert Millard of the Cambridge Strategy Group is a leading expert in evaluating the effectiveness of law which explores the answers to these questions by analysing all the mergers that took place between 2002 and 2017, that involved at Defi ning successstock market metrics. Financial metrics are also frequently used, typically in relation to the return on investment achieved by the objectives for the merger were met. By these measures, the merger literature paints a mostly pessimistic picture of the value that These metrics are not appropriate to the mergers in my sample, privately owned partnerships at the time of their mergers. The transactions were mergers, not acquisitions, with funds changing hands only by exception and then for only very particular reasons. Several of the mergers in the sample took place more than a decade could not be relied upon.rankings. Each metric was measured in the second year following the merger, compared to the year of the merger.in post-merger integration. Much more than that and factors extraneous to the merger might affect these metrics.By these metrics, nearly three quarters of the mergers in my sample were either wholly or mostly successful. (To accommodate the in which merger success was assessed on a variable scale ranging also applied to assessing the presence or absence of conditions, as described below.)The conditions analysedOver 400 pieces of “practitioner literature” were studied – articles in newspapers and business and legal media, websites, textbooks, merger announcements and consultant reports – to collect views perceived to be consistent with successful merger outcomes. These were:Strong acquiror fi rm: years preceding the merger, had been improving in performance.Target fi rm with high necessity for the merger: A target (smaller) in performance.Multi-dimensional strategic opportunity: The merger offered opportunities to enhance existing strengths, acquire new ones, High degree of relatedness: lawyer, governance, and culture.One-fi rm fi rm: After David Maister, model.Method of analysisUsing an innovative method called fuzzy-set qualitative comparative analysis on confi gurations of conditions which, collectively, were consistent with success. Much in the same way as oxygen AND fuel AND a source of ignition are represented a novel approach to studying mergers.64Global 100 Legal 2024
GETTING MERGERS RIGHTAn analysis of 73 large U.S. and U.K. law rm mergers, 2002-2017How successful are large law fi rm mergers and what factors are consistent with success? Dr Robert Millard of the Cambridge Strategy Group is a leading expert in evaluating the effectiveness of law which explores the answers to these questions by analysing all the mergers that took place between 2002 and 2017, that involved at Defi ning successstock market metrics. Financial metrics are also frequently used, typically in relation to the return on investment achieved by the objectives for the merger were met. By these measures, the merger literature paints a mostly pessimistic picture of the value that These metrics are not appropriate to the mergers in my sample, privately owned partnerships at the time of their mergers. The transactions were mergers, not acquisitions, with funds changing hands only by exception and then for only very particular reasons. Several of the mergers in the sample took place more than a decade could not be relied upon.rankings. Each metric was measured in the second year following the merger, compared to the year of the merger.in post-merger integration. Much more than that and factors extraneous to the merger might affect these metrics.By these metrics, nearly three quarters of the mergers in my sample were either wholly or mostly successful. (To accommodate the in which merger success was assessed on a variable scale ranging also applied to assessing the presence or absence of conditions, as described below.)The conditions analysedOver 400 pieces of “practitioner literature” were studied – articles in newspapers and business and legal media, websites, textbooks, merger announcements and consultant reports – to collect views perceived to be consistent with successful merger outcomes. These were:Strong acquiror fi rm: years preceding the merger, had been improving in performance.Target fi rm with high necessity for the merger: A target (smaller) in performance.Multi-dimensional strategic opportunity: The merger offered opportunities to enhance existing strengths, acquire new ones, High degree of relatedness: lawyer, governance, and culture.One-fi rm fi rm: After David Maister, model.Method of analysisUsing an innovative method called fuzzy-set qualitative comparative analysis on confi gurations of conditions which, collectively, were consistent with success. Much in the same way as oxygen AND fuel AND a source of ignition are represented a novel approach to studying mergers.Multi-dimensional strategy for a successful merger outcome. This contradicts views in some literature, that mergers should be based on simple strategies in order to ease post-merger integration.White knight mergerthe merger. A “rescue.” Note though that the Leapfrog merger a low level of necessity AND a high degree of relatedness. It is rare in the sample - only four cases, two of which are also assortative mergers.Assortative merger relatedness AND a multidimensional strategic involving dispersed/”verein” models were unsuccessful - just not consistently successful.Conclusions and implicationsThe research shows that mergers predicated simply on increasing scale, for instance, are not consistently successful.strategy to be executed.with a performance that declined in the three years prior to the merger, hence had a high level of necessity to merge. A very clear merger wave was observed in the years following the global that merger waves tend to follow periods of economic, regulatory or technological shocks. Given that the legal industry is again experiencing such shocks today, it seems likely that another wave Confi gurations consistent with successat the outset. These are as follows:Dr Robert Millardrobert.millard@camstrategy.com65w ww.wilkinsonpartners.com
Within the world of professional services, lateral hire Directors and Partners often present a unique opportunity to turbo charge growth in a team or organisation. They bring extensive experience, knowledge, new connections and, often, a book of business that together make a compelling case for recruiting externally. However, multiple studies(1) tells us that the integration of lateral hires into leadership roles can be risky and costly, with some failing to meet the high expectations set for them. There can be huge personal disappointment, frustration and confusion for the individual, coupled with a desire to keep trying and make it work, whatever the cost. At best this can lead to a much longer, more troubled integration period, and at worst sustained underperformance and, ultimately, exit. few do the same for lateral hires who are arguably internally promoted counterparts, external hires often lack the structured support systems needed to Assumptions are often made, but go untested, around how a lateral hire will integrate within the culture, pick up the nuances of “how things get done around here” and navigate the complexities of a matrix structure.As executive coaches specialising in professional services, we see time and again how the journey of a lateral hire can be a particularly frustrating one issues we see lateral hires grappling with include:• Navigating Partner or team politics and • Managing expectations, both those held • Having immediate presence and impact within the Partnership• Building new internal relationships• • Identifying blind spots and mitigating their impact• Maintaining a balance between work and home responsibilities• Establishing a new identity and personal brand• especially when things are not workingIn response to this we developed a programme of both the individual and their sponsor. The programme consists of 6-8 sessions with a specialist executive coach who, pre-coaching, worked in professional services and this environment. The sessions are timed to suit the Helen Cowan, Founder of The Tall WallNAVI GATI N G NEW LEADERSHIP My coach was an intelligent sounding board, asking the right questions and helping me to develop the right ideas and options, with support of a clear reference for success.” –Partner, Professional ServicesThe Tall Wall understands only too well the demands of our sector, making them a true expert in their fi eld.” –Global Law Firm1) Example studies include: www.lawjournalnewsletters.com/2020/03/01/lateral-Simons HA, Global Lateral Hiring by The Numbers: A Look Behind the High 5-Year Attrition Rate, American Lawyer, 3 February 2017.Key elements of this programme that we know make a difference include:Start earlyWe believe coaching for this population is most effective when it starts preferably before day one in plan their entry and pay attention to the more nuanced critical success factors. The aim in starting early is to equip the Partner to “hit the ground running”. Involve the sponsorWe also advocate for at least one tripartite conversation with the sponsoring Partner, to help align expectations and encourage honest exchanges about what is required from both sides. Often, we notice that senior lateral hires fail to ask fundamental questions around expectations or hold back from asking for support to, for example, broaden their internal network. These are issues that as coaches we can skilfully raise in a tripartite conversation. We can also tease out concerns on both sides that may, on the surface, feel too trivial to mention, but can Conduct 360° feedbackTypically six months in role, we run a bespoke feedback process. Most organisations are not well equipped to deliver the feedback that is badly needed to ensure a leader is operating at their potential more often than not. Gathering feedback from selected stakeholders via 1:1 is often the most highly-valued part of our programmes. at their learning edge, potentially into their stress zone as space to process what they are experiencing (the highs and the lows), being able to talk about their hopes and fears enabling them to be resourceful and purposeful as they more honest conversations about expectations and having an external facilitator to aid these can make all the difference to the successful integration of a senior lateral hire.Wall supports lateral hires in professional services please get in touch: hello@thetallwall.comwww.thetallwall.comABOUT THE TALL WALLSpecialists in professional Executive coaches who have been at the sharp of professional lifeCoverage across Europe, the US, 66Global 100 Legal 2024G100 LEGAL 2024
Within the world of professional services, lateral hire Directors and Partners often present a unique opportunity to turbo charge growth in a team or organisation. They bring extensive experience, knowledge, new connections and, often, a book of business that together make a compelling case for recruiting externally. However, multiple studies(1) tells us that the integration of lateral hires into leadership roles can be risky and costly, with some failing to meet the high expectations set for them. There can be huge personal disappointment, frustration and confusion for the individual, coupled with a desire to keep trying and make it work, whatever the cost. At best this can lead to a much longer, more troubled integration period, and at worst sustained underperformance and, ultimately, exit. few do the same for lateral hires who are arguably internally promoted counterparts, external hires often lack the structured support systems needed to Assumptions are often made, but go untested, around how a lateral hire will integrate within the culture, pick up the nuances of “how things get done around here” and navigate the complexities of a matrix structure.As executive coaches specialising in professional services, we see time and again how the journey of a lateral hire can be a particularly frustrating one issues we see lateral hires grappling with include:• Navigating Partner or team politics and • Managing expectations, both those held • Having immediate presence and impact within the Partnership• Building new internal relationships• • Identifying blind spots and mitigating their impact• Maintaining a balance between work and home responsibilities• Establishing a new identity and personal brand• especially when things are not workingIn response to this we developed a programme of both the individual and their sponsor. The programme consists of 6-8 sessions with a specialist executive coach who, pre-coaching, worked in professional services and this environment. The sessions are timed to suit the Helen Cowan, Founder of The Tall WallNAVI GATI N G NEW LEADERSHIP My coach was an intelligent sounding board, asking the right questions and helping me to develop the right ideas and options, with support of a clear reference for success.” –Partner, Professional ServicesThe Tall Wall understands only too well the demands of our sector, making them a true expert in their fi eld.” –Global Law Firm1) Example studies include: www.lawjournalnewsletters.com/2020/03/01/lateral-Simons HA, Global Lateral Hiring by The Numbers: A Look Behind the High 5-Year Attrition Rate, American Lawyer, 3 February 2017.Key elements of this programme that we know make a difference include:Start earlyWe believe coaching for this population is most effective when it starts preferably before day one in plan their entry and pay attention to the more nuanced critical success factors. The aim in starting early is to equip the Partner to “hit the ground running”. Involve the sponsorWe also advocate for at least one tripartite conversation with the sponsoring Partner, to help align expectations and encourage honest exchanges about what is required from both sides. Often, we notice that senior lateral hires fail to ask fundamental questions around expectations or hold back from asking for support to, for example, broaden their internal network. These are issues that as coaches we can skilfully raise in a tripartite conversation. We can also tease out concerns on both sides that may, on the surface, feel too trivial to mention, but can Conduct 360° feedbackTypically six months in role, we run a bespoke feedback process. Most organisations are not well equipped to deliver the feedback that is badly needed to ensure a leader is operating at their potential more often than not. Gathering feedback from selected stakeholders via 1:1 is often the most highly-valued part of our programmes. at their learning edge, potentially into their stress zone as space to process what they are experiencing (the highs and the lows), being able to talk about their hopes and fears enabling them to be resourceful and purposeful as they more honest conversations about expectations and having an external facilitator to aid these can make all the difference to the successful integration of a senior lateral hire.Wall supports lateral hires in professional services please get in touch: hello@thetallwall.comwww.thetallwall.comABOUT THE TALL WALLSpecialists in professional Executive coaches who have been at the sharp of professional lifeCoverage across Europe, the US, 67www.wilkinsonpartners.com
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